Topic: This is absolutely not good for India Bitcoin community! (Read 225 times)
Bitcoin will be available if there is internet. How will they block bitcoin without interrupting the Internet? I think states know they can't block bitcoin. State officials are only manipulating prices by making statements. Chinese banned bitcoin! how many times have we heard this news ??
I sometimes wonder if a BANK without customers can survive, I think if using logic we don't need news about India or China banning the use of crypto currencies or whatever, avoid debates like this and just respect their decision to support using blockchain technology without bitcoin and other crypto currencies, remember we only need big adoption from the community and that's more important because the BANK and the government will never be in power or become big without their society
oh wow!
so let it happen, its not happening in my home ?
India is being too restrictive about crypto currency for years already. Their government is continuously reducing the free will of the people. I see it really tends to ban private crypto currencies from citizens usage, but I guess the same isn't valid for their government.
They just want to force the common citizens to use a centralized national crypto currency, while the government can have access to the private ones. India political approach is very authoritarian with their own people, the crypto currency issue there is just a reflex of this.
They just want to force the common citizens to use a centralized national crypto currency, while the government can have access to the private ones. India political approach is very authoritarian with their own people, the crypto currency issue there is just a reflex of this.
Nation should have harmony over their currencies, limiting or posing too much restrictions will just create a boundary between their government and their people. There are many wealthy countries in the world allows their people to use cryptocurrency freely and they even support them into utilizing it and there seems to be no problem at all. If an only if both of the parties could have better relationship, they could possibly run their government and country without any problem with cryptocurrencies.
India is being too restrictive about crypto currency for years already. Their government is continuously reducing the free will of the people. I see it really tends to ban private crypto currencies from citizens usage, but I guess the same isn't valid for their government.
They just want to force the common citizens to use a centralized national crypto currency, while the government can have access to the private ones. India political approach is very authoritarian with their own people, the crypto currency issue there is just a reflex of this.
They just want to force the common citizens to use a centralized national crypto currency, while the government can have access to the private ones. India political approach is very authoritarian with their own people, the crypto currency issue there is just a reflex of this.
The governor of India’s central bank, Shaktikanta Das, has restated that the Indian government is against private cryptocurrencies. This all comes ironically amid talks of India launching its own Central Bank Digital Currency (CBDC).
India has been discussing cryptocurrencies and the regulations surrounding them for over a year, and overall taking a hardline stance. While no official law has been passed, the latest comments do indicate the steps the country might take.
Click here for the full news
So they are following the footsteps of China, ei?
I just don't know what would be the reaction of the Bitcoin and cryptocurrency enthusiasts in India about this. I know this is not good for you guys like what is happening in China.
They would prefer blockchain over Bitcoin and other cryptocurrencies. But I highly believe that there will be a change of heart in the future about private cryptocurrencies.
For sure, India would be left behind if the government itself will not embrace private cryptocurrencies within the next decade. What would be your opinion or reaction about this guys. Kindly share it here. Cheers!
If this should be backed by any law then it will be a problem to the bitcoin community in India. Nonetheless, i believe both India and China will water down their stands on cryptocurrencies and allow its usage even if it be in a regulated way. India has been discussing cryptocurrencies and the regulations surrounding them for over a year, and overall taking a hardline stance. While no official law has been passed, the latest comments do indicate the steps the country might take.
Click here for the full news
So they are following the footsteps of China, ei?
I just don't know what would be the reaction of the Bitcoin and cryptocurrency enthusiasts in India about this. I know this is not good for you guys like what is happening in China.
They would prefer blockchain over Bitcoin and other cryptocurrencies. But I highly believe that there will be a change of heart in the future about private cryptocurrencies.
For sure, India would be left behind if the government itself will not embrace private cryptocurrencies within the next decade. What would be your opinion or reaction about this guys. Kindly share it here. Cheers!
By private, do they mean privacy coins or just any other currency that is not issued by the government? I just read the news but I still not fully understand the definition.
I guess they are referring to the what does the government not issued currency. Because India is facing a huge problem with tax evasion and money laundering so they did not want it since then.It's quite funny how they believe the issuance of money should come from a sovereign entity but not mentioning the inherent abuse of constant inflation and the bad sov value of fiat. If you look at it that way, fiat are 'more private' than most crypto (not counting the useless ICO/IEO).
Knowing that India is a populous country it is hard for them to track each of their citizen with decentralized network and that would just make it easier to launder money and evade taxes in India. They are planning to introduce their new coin that would likely to be accepted in the whole country. We've known India has a very huge problem in any aspect in crypto space , there are already various cases that involves hacking in India, So most probably their government is just being too handy about it. 
I don't think its something new, there are many countries apart from china which are showing such behavior towards cryptocurrencies. We will see more such news coming up with increasing popularity aka adoption rate of cryptocurrencies. In the long run, I see cryptocurrency as a financial system that will run in parallel with the current financial system as there are rear chances governments will accept private crypto.
They are not saying it is going to be banned yet so you don't have to be so worried about it 
India’s Central Bank Hints that Cryptocurrencies Will Be Banned
They probabily just want to make it more legal than ever before in a way for their banks to use it and make it possible to use cryptocurrencies with their banks as stated.
Time is required for such implementations and that's why they made such statements.
Of course, it hints, because no matter how badly the Bank might want cryptocurrencies to get banned, it is not its decision, is it? I think it's not, 'cause if the Bank had enough power, the law would have forbidden cryptos already. They are trying to push their agenda in hope that the Parliament will support the Bank's stance. But India is the world's biggest democracy, so the vote has to take place, and the Bank cannot make an authoritarian decision and probably does not even have a say on this matter, so it's funny how the officials of the bank "represent" the government. India’s Central Bank Hints that Cryptocurrencies Will Be Banned
They probabily just want to make it more legal than ever before in a way for their banks to use it and make it possible to use cryptocurrencies with their banks as stated.
Time is required for such implementations and that's why they made such statements.
India and China both are big countries in terms of population,so its almost impossible to track any transaction made in decentralize platform like blockchain. That may be the reason Indian govt is taking some decision on cryptocurrency. Current govt is focusing on digital payments so I do not think they will completely ban something which is related to latest innovation like blockchain. Govt must find a middle way to deal with this issue. Lets wait for Jan 2020 and hope for something good to hear.
What did you expect from one of the most corrupt governments in the world? So the logic behind this move is to ban the competition for their own
GovCoin that they are planning. They will use all the usual excuses and reasons to ban Bitcoin, like Money laundering, drugs, Child pornography
and the popular.. funding terrorism to push this through. They will simply ignore the fact that most of these things are being done via Banks and also
with their local fiat currency. The world is full of hypocrisy!!
GovCoin that they are planning.
They will use all the usual excuses and reasons to ban Bitcoin, like Money laundering, drugs, Child pornography and the popular.. funding terrorism to push this through. They will simply ignore the fact that most of these things are being done via Banks and also
with their local fiat currency.
The world is full of hypocrisy!! I have been hearing news about the black money market in India and how the rich people there don't pay taxes and run away with government funds. How come solving this issue of the fiat money is not a priority over some poor crypto traders? The government seems to have lost their minds. If you live in a country this corrupt, you shouldn't be worried about the ban at all. It's not going to change anything. Indians are smart at technology so I'm sure the community will find an alternative to whatever regulations they impose.
I think Indian government won't ban cryptocurrencies they are taking time to make final decision about this concern because the Indian government is trying to figure out that which step could be healthy or unhealthy regarding this issue and I believe that after figuring out the final decision will be in a favour of Indian crypto community and the government will make regulations maybe strong regulations to allow cryptocurrency buying, trading etc.
Well we have seen this discussions so many times and up to know we still don't know what will be India's official stance of crypto. However, if worst comes to worst, then you still have a choice, whether to continue to involved yourself in crypto, or just move out of country and go to a crypto friendly countries. I know this is going to be difficult for the majority, but if you wanted to stay then take the risk, in my opinion.
The governor of India’s central bank, Shaktikanta Das, has restated that the Indian government is against private cryptocurrencies. This all comes ironically amid talks of India launching its own Central Bank Digital Currency (CBDC).
India has been discussing cryptocurrencies and the regulations surrounding them for over a year, and overall taking a hardline stance. While no official law has been passed, the latest comments do indicate the steps the country might take.
Click here for the full news
So they are following the footsteps of China, ei?
I just don't know what would be the reaction of the Bitcoin and cryptocurrency enthusiasts in India about this. I know this is not good for you guys like what is happening in China.
They would prefer blockchain over Bitcoin and other cryptocurrencies. But I highly believe that there will be a change of heart in the future about private cryptocurrencies.
For sure, India would be left behind if the government itself will not embrace private cryptocurrencies within the next decade. What would be your opinion or reaction about this guys. Kindly share it here. Cheers!
India has been discussing cryptocurrencies and the regulations surrounding them for over a year, and overall taking a hardline stance. While no official law has been passed, the latest comments do indicate the steps the country might take.
Click here for the full news
So they are following the footsteps of China, ei?
I just don't know what would be the reaction of the Bitcoin and cryptocurrency enthusiasts in India about this. I know this is not good for you guys like what is happening in China.
They would prefer blockchain over Bitcoin and other cryptocurrencies. But I highly believe that there will be a change of heart in the future about private cryptocurrencies.
For sure, India would be left behind if the government itself will not embrace private cryptocurrencies within the next decade. What would be your opinion or reaction about this guys. Kindly share it here. Cheers!
I am not sure why you are surprised.
India still has capital controls as it tries to prevent money leaving the country. And cryptocurrency is a way for money to leave the country.
So baby steps - first lobby for the end of capital controls, and then you can lobby for the restrictions on cryptocurrency to be lifted.
I sometimes wonder if a BANK without customers can survive, I think if using logic we don't need news about India or China banning the use of crypto currencies or whatever, avoid debates like this and just respect their decision to support using blockchain technology without bitcoin and other crypto currencies, remember we only need big adoption from the community and that's more important because the BANK and the government will never be in power or become big without their society
oh wow!
so let it happen, its not happening in my home ?
Seriously i don't know how this would affect many crypto enthusiasts in India. I don't think there are miners in India that would be affected with this situation. Bitcoin is decentralized and anonymous so how are they going to be affected with this situation. In the first place how does the government know that some individual is using bitcoin or not.
There are few miners but all are discreet or not openly known.
and the government knows through exchanges is all. But if the person uses bitcoin how he should. there shouldn't be much of a problem.
What did you expect from one of the most corrupt governments in the world? So the logic behind this move is to ban the competition for their own
GovCoin that they are planning. They will use all the usual excuses and reasons to ban Bitcoin, like Money laundering, drugs, Child pornography
and the popular.. funding terrorism to push this through. They will simply ignore the fact that most of these things are being done via Banks and also
with their local fiat currency. The world is full of hypocrisy!!
GovCoin that they are planning.
They will use all the usual excuses and reasons to ban Bitcoin, like Money laundering, drugs, Child pornography and the popular.. funding terrorism to push this through. They will simply ignore the fact that most of these things are being done via Banks and also
with their local fiat currency.
The world is full of hypocrisy!!
Seriously i don't know how this would affect many crypto enthusiasts in India. I don't think there are miners in India that would be affected with this situation. Bitcoin is decentralized and anonymous so how are they going to be affected with this situation. In the first place how does the government know that some individual is using bitcoin or not.
The governor of India’s central bank, Shaktikanta Das, has restated that the Indian government is against private cryptocurrencies. This all comes ironically amid talks of India launching its own Central Bank Digital Currency (CBDC).
there is nothing Ironic in it. CBDC isn't against cryptocurrency. they are just against decentralized/private cryptocurrency and them releasing a public and centralized cryptocurrency is not ironic.So they are following the footsteps of China, ei?
in making their own cryptocurrency? then yes. banning cryptocurrency? not sure.I just don't know what would be the reaction of the Bitcoin and cryptocurrency enthusiasts in India about this. I know this is not good for you guys like what is happening in China.
their reaction would be the same as ours if our government banned cryptocurrency.For sure, India would be left behind if the government itself will not embrace private cryptocurrencies within the next decade. What would be your opinion or reaction about this guys. Kindly share it here. Cheers!
what makes you say this, can you elaborate? 
China and India has similar problems with bitcoins. They have a lot of people trying to keep their money safe and away from their own government.
Many people use crypto to secure their money before they plan to leave the country in the future or just to make it safe from the government.
Both businessmen and corrupt politician and officials are using crypto to launder their money.
Many people use crypto to secure their money before they plan to leave the country in the future or just to make it safe from the government.
Both businessmen and corrupt politician and officials are using crypto to launder their money.
I sometimes wonder if a BANK without customers can survive, I think if using logic we don't need news about India or China banning the use of crypto currencies or whatever, avoid debates like this and just respect their decision to support using blockchain technology without bitcoin and other crypto currencies, remember we only need big adoption from the community and that's more important because the BANK and the government will never be in power or become big without their society
Nothing new, various comments have been made by many politicians over the past years.
Start of the year 2018, India Declared Cryptocurrencies like Bitcoin as not legal Tender
That is understandable, since 2013 government of India has made remarks over the high volatility and risk in trading Bitcoin. This goes specially well for India as scams and ponzi's are very common and since i can remember i have seen people using various make rich overnight schemes to take peoples money. People are not aware of the working of things and give in to their greed often.
One such case is of Amit Bhardwaj on how he duped people using bitcoin and ran away with peoples money. It gave bad name to Bitcoin along with many other Scams like this happening around in India.
The government had to shrug itself from any such case and thus declared it as non-legal tender and in some sense is good as people have become wary of such scams.
But some cases emerge where the politicians themselves have been found of using bitcoin for Scams
There was even a Draft of a bill to make cryptocurrency totally illegal and people who use it in anyway get jail time
Regardless, the case is ongoing and has been postponed over and over. The next hearing is on 14th January 2020.
Hope for the best
By private they mean the cryptocurrency not issued by government or by a government authorized institution.
Start of the year 2018, India Declared Cryptocurrencies like Bitcoin as not legal Tender
That is understandable, since 2013 government of India has made remarks over the high volatility and risk in trading Bitcoin. This goes specially well for India as scams and ponzi's are very common and since i can remember i have seen people using various make rich overnight schemes to take peoples money. People are not aware of the working of things and give in to their greed often.
One such case is of Amit Bhardwaj on how he duped people using bitcoin and ran away with peoples money. It gave bad name to Bitcoin along with many other Scams like this happening around in India.
The government had to shrug itself from any such case and thus declared it as non-legal tender and in some sense is good as people have become wary of such scams.
But some cases emerge where the politicians themselves have been found of using bitcoin for Scams
There was even a Draft of a bill to make cryptocurrency totally illegal and people who use it in anyway get jail time
Regardless, the case is ongoing and has been postponed over and over. The next hearing is on 14th January 2020.
Hope for the best
By private, do they mean privacy coins or just any other currency that is not issued by the government? I just read the news but I still not fully understand the definition.
-snip-
-snip-
By private they mean the cryptocurrency not issued by government or by a government authorized institution.
Jump to: